Tuesday, December 30, 2008
house price declines still accelerating, continued
... [B]oth composite indexes and 14 of the 20 metropolitan areas are reporting new record declines. As of October, the 10-city index is down 25% from its mid-2006 peak and the 20-city is down 23%, Blitzer said.
The indexes showed prices in 10 major metropolitan areas fell 19% in October from a year earlier and 3.6% from September. The drop marks the 10-city index's 13th straight monthly report of a record decline.
In 20 major metropolitan areas, home prices dropped 18% from the prior year, also a record, and 2.2% from September.
there will be no footing beneath the financial system and therefore the global economy until price declines in property, the broadest collateral base underlying global banking, at least begins to mitigate. that they haven't -- that instead, so far from a bottom, declines are actually still picking up momentum -- is frightening testament to what a destructive period still lays before us. the scope of the damage being sustained by financial asset holders is still growing, with no observable floor as yet, and so risks remain as yet to the downside.
UPDATE: 2br/2ba condos in fort myers are listing for less than $25k.
UPDATE: “Frankly, we’re in the midst of a downward spiral and the momentum is building,” [Lennar] Chief Executive Officer Stuart Miller said on a conference call with analysts."